Free Trial

The major crude benchmarks managed to post......>

OIL
OIL: The major crude benchmarks managed to post slight gains, consolidating the
move away from Tuesday's lows.
- As a reminder Tuesday saw reports suggesting that the US has asked the OPEC+
nations to hike their production by ~1mln bpd.
- Reports also pointed to a headline crude draw in this week's API inventory
estimate, ahead of Wednesday's DoE release.
- Oil continues to operate around ~2-month lows, as uncertainty surrounding
OPEC+ production continues to weigh on the market.
- WTI bears now look for a close below the April 05 high ($63.87) to shift
initial focus lower. Layers of resistance are weighing despite daily studies
sitting at oversold levels. Bulls now need a close above the June 01 high
($67.34) to gain breathing room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.